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UBS offers fully integrated solution for electronic payment services.

16 Nov 2000, 00:00
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Media Releases Switzerland

UBS is the first Swiss financial institution to offer its business clients a fully electronic billing cycle between billers, recipients and their bank. UBS plans to extend the service next year to cover business-to-consumer billing.

UBS is the first financial institution in Switzerland to offer its business clients a complete electronic cycle between billers, creditors and their bank, a so-called "electronic bill presentment and payment" system (EBPP). Based on the electronic payment services software PayNet developed by various Swiss financial institutions (including UBS) in collaboration with Europay, UBS has developed an application tailored to the specific requirements of its business clients.

The new service enables UBS business clients to send their bills to PayNet electronically, direct from the order processing stage. PayNet then forwards them electronically to the recipients, who - after processing and checking - can release the bills for payment by their bank. The advantages of EBPP are shorter processing and payment times, real-time enquiry capabilities concerning the status of individual bills and cost benefits through electronic processing for billers and recipients.

Previously, billing via PayNet was only possible through a combination of electronic data transfer and ordinary mail. The bills were sent electronically to PayNet, where they were printed and mailed to the recipients. UBS is now the first financial institution in Switzerland to provide its business clients with a wholly electronic billing and payment process, following the integration of the new PayNet-based service into the bank's own IT platform. UBS is currently working on solutions for 2001 aimed at enabling its private clients, too, to process their bills directly via e-banking without any new data entry, thereby eliminating the present need to enter data such as amounts and references for payment authorization.